GDP growth rate set at 7pc for 2019-20 FY

Published 6 November 2019

Based on the GDP for 2019-2020 fiscal year, the farming sector is expected to increase by 2.3 per cent and the fishery sector, by 2.9 per cent, according to the Ministry of Agriculture, Livestock and Fishery.

In 2018-2019 FY, the GDP was projected to hit Ks 106.096 trillion and the GDP growth rate, 7.6 per cent. In the first six months of the FY, the GDP hit Ks 67.186 trillion. The ministry implemented 63.3 per cent of the target. According to the regular price, the growth rate increased by 6.3 per cent. The economic growth rate was expected to hit 6.8 per cent, said Maung Maung Win, Deputy Minister for Planning and Finance.

According to the year-on-year price, the GDP is estimated to reach Ks 119.023 trillion in 2019-2020 FY and the GDP growth rate, seven per cent.

In 2019-20 FY, the farming sector is projected to increase by 2.5 per cent, the industry sector, by 8.6 per cent and the services sector, 8.1 per cent.

In addition to local consumption, the farming sector plans to export products, produce marketable high-yield seeds and extend fish and prawn breeding businesses and upgrade the breeding technology.

About 70 per cent of the total populations are living in a rural area. Their major business is farming. The ministry has redrafted the agricultural sector development policy for the development of farming sector and achieving the future goal.

The government drafted Myanma Agricultural Development Strategy and Investment Program (2018-2019 to 2022-23), said Dr. Aung Thu, Union Minister for Agriculture, Livestock and Irrigation.

Myanma Agricultural Development Strategy and Investment Program is drafted with the technical assistance of the ADB, the FAO and Agricultural and Rural Region Development Coordination Team.

It was drafted based on the 2nd five-year Farm Sector Policy and Processes (2016), the National Economic Policy (2016), Economic Reform Framework, National-Level Multi-Sector Development Future Expectations, National-Level Multi-Sector Development Project, Myanmar Investment Law and Nation Export Promotion Strategy. Thanks to it, the program would help support the economic development of the country.